The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, April 22, 1920, Image 12

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The Sun and the New York herald. [volume], April 22, 1920, Page 12, Image 12
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

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The Sun and the New York herald. [volume] (New York [N.Y.]), 22 April 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-04-22/ed-1/seq-12/>

Newspaper Page Text

i. v 12 I
s
I
f c
THE) SUN AND NE YORK HERALD, THURSDAY, APRIL 22, 1920.
'toy
KIDDER,PEABODY&CO.
UBivwhlraSl
BOSTON
17W.IISI
"NEW YORK
Investment Securities
Foreign Exchange
Letters of Credit
Fcrrespnrfefiln!
Baring Brothers & Gq., Ltd
LONDON
Munds
Rogers &
Stackpole
Price
Possibilities
In
Cotton
Our circular
scnl upon rcqu:
Members
i N. Y. Stock Exchange
N. Y. Cotton Exchange
Chicago Board of Trade
25 Broad St.
Uptown Office
16 Vanderbilt Ave.
FINANCIAL NEWS
AND COMMENT
Slock Market Continues to De
cline Until Iist4s Com
feletoly Demoralized.
EXPERTS ABE 3IYSTIFIED
Industrials Iosq All Progress
Mado Since February and
Steel Gets Under Par.
NEW YORK STOCK EXCHANGE PRICES.
' Wednesday, April 21, 1920.
1920.
1919.
Day's sales..., 2,005,634 SO
Tear to date 89.0S1.547 6S.Ca6.100
W bilk- Lew. Clot
Int. I SSI. I fSl. I
rClMW.- Dir.!
sr. tin i.i
Bi. j jttfc,
Bale.
CI.TIES SERVICE
COMPANY
Bankers Shares
Monthly Distributions
. in Cash
Averaging In last year
47.30 cents
a share' monthly
Over 8,000 holders of recrfrd,
indicates popularity of this
security.
Circular "A"-31" on Request
"Henry L. Doherty
& Company
Bond Department
0 Wall Street, New York
Arkansas Natural
Gas
Bought Sold Quoted
27 Pine Streefc-New York
Without any special change; In the
news developments to account for tho
weakness yesterday's stock market con
tinued Its decline with unabated fury.
The whole list' was In a state of utter
demoralization toward the close and the
peculiar thing: about It all was that there
was not the slightest change In the sit
uation to account for It. If there had
been some Important news development
; It would have been easy for Wall Street'
10 nave iigurea it out wiinout dirricuity,
but as It was the underlying: situation
appeared Improved If anything. Money
was cheaper and more plentiful and by
rights the market ought to Irave rallied
sharply on account of its technical posi
tion : yet there was nothing of this kind
In sight so far as outward appearances
were concerned. The only thing that
could have possibly suggested that the
market was near a turn, as it undoubt-i
edly Is, was the tremendous volume of
business that was turned over In the
last hour, and the fact that such Belling
cannot go on forever without eventually
overdoing the thing.
The Street again laid great stress on
the financial panic In Japan, In order to
give some adequate reason for the de
cline, but t!ilsaigTiment appeared to
be just as ridiculous as It was on the
preceding day. It Is Just as foolish to
compare the present situation In this
country with Japan as It would be to
compare It with Germany. Some other
factor, therefore, must have been In
back of the decline, but this Is not neces
sarily the opinion of conservative Inter
ests. In these clrcles'the dplnlon ex
pressed, as on the previous day, to the
effect that the .present decline Is nothing
more than a tremendous professional
Bhakeout had not been changed Jn the
slightest. Likewise these same Interests
aro not taking any stock in the talk
about the underlying situation being un
sound. If the present break had occurred
under the same conditions as prevailed
In the stock market last fall there un
dpubtedly would have been veal reason
for alarm, but those persons who are
now predicting all kinds of things for
the stock market apparently have 'for
gotten to take Into consideration the fact
that Wall Street has already been liqui
dated to a standstill.
At the lowest "prices readied during
the day the Industrial stocks had can
celled almost all of the progress which
they had made since February. Steel
common got more than a flolnt under
par at the close, and such stocks as
Pan.Amer can. Baldwin ana oiners
which have been favorites with tlie
pools had no market at all during the
worst of the selling except at very great
sacrifices on the part of the sellers.
This was the peculiar thing about It
all. Kven in the breaks last Novem
ber and again In February there was
always an txcellent market every frac
tion of the way down, in the standard
stocks. However. In the case of yes
terday's market all support appeared'to
have been withdrawn, resulting in losses
of one, two and three points between
sales. The selling was, of course,
enormous, but the-volume was not large
enough to cause any such performance
on the part of leading stocks as that
which took place in the final period.
Good buying .undoubtedly took place on
a'scaledown' all day, but It was not as
aggressive as that In ptecedlng declines
of this year.
There was no explanation of the de
cline in so far as the money market
was concerned. Money renewed and
loaned all day at 6 per cent, and bank
ers predicted that it would be easier to
day. Furthermore It was stated that
mo're gold Is about to arrive here from
Great Britain, but the Street In its
hurry to sell stocks regardless of value
paid no attention whatever to such con
siderations. Much discussion was
heard In financial circles as to the pos
sibility of Japan withdrawing gold from
this market, but this wa" denied by
financial Interests here, it .was said
that Japan probably would lose gold,
If unythlng, as a result of the present
situation in that country. There was
nothing of special interest In the for
eign exchange market, although rates
.rA cen.rallv easier. The cotton and
grain markets also broke sharply Irv
sympathy wltn tnc itecnno in iuku.
MONEY AND EXCHANGE. j
J. K. Rice, Jr. &. Co. Will Sell
300 American lithographic Com.
100 American Lithographic Pfd.
HSAmer. IMst. Tel. of N. A.
ItSAmer. riuno Com. & rd.
25 Amrrlrnn Chicle Com, tc Pfd.
100 Air Reduction
77 Alls Portland Cement Com.
50 Hunk of Manhattan
40 Colo. Fuel A Iron fit Pfd.
100 Champion Coated Taper Pfd.
100 (inn. Una Klec.
17 l)U.. Lack. A Went. Coat
51 E. W. IIll.s Com. s
B0 Empire- Hteel A Iron Com. A Pfd,
SO Franklin Insurance
SS Orent American lus.
60 (Hens Full. In.
60 Central llaklnr Com. A Pfd.
SO fir nrral Raking Com. & Pfd.
IS Home Insurance
23.lflhn.ton Tin Foil
30Jnro Dold Pfd.
ino.Iaa. Untler Pfd.
100 Klrt Jjitr.twr Pfd.
SOS.'f. Slate Hys. Pfd.
75 Northern Securities Stubs
100 New Britain Much.
30 Nlle-llement-rtnd
10 Nat'l Libert- in..
IPO rnrt. Coal A CoUe
SGOPyrrne Manufacturing
IS Pornhonla. Furl Com.
10 Victor Talking Machine
25 Winchester Co. Com.
100 Ward Baking Com. A Pfd.
J.K.Rice, Jr. & Co.
ytionca 4000 to 4010 John. St Wall St.. X. V.
CALL MONIT,
Mixed Collateral.
Hirh I
Low I
Last '
Renewals 7
Year's hlrh 3
Tear i low
I ' All Industrials.
mm 7
Low 7
La.t 7
Renewals 7
(Year's hlili
Hear low
TIME LOANS.
Mixed Collateral. I All Industrials.
Sixty day 86154 Silly day. IUS9
Ninety day. IQSHlMnely days 81V99
Four 'months. ...81854 Kour months.. ..SUO
Vlr mnnthl 8BtVt Five month.
(.Six month, tet548li month, S'.i
COMMERCIAL PAPER.
Prime Tndorted Bills) Other Names.
RecelTible. (Sixty day, .. 7
SIxtT dm 7 Ninety days 7
Ninety day, 7 Six month, 7
Six month 7 I
CffJEARINp HOUSE STATEMENT.
Clearing Route exchange. $319,975,871; bal
ances. S80 410.720: Sub-Treasury debit bil
snoes, U.4Ji: Federal rcserra credit bal
ance,, 16.o:t.jm.
DOMESTIC EXCHANGE.
notion, par: Chlc.ro, par; St. Louis. 0
13c. dltcount; 8in Francisco, par; ClndoaaU,
par; Minneapolis. 10c. premium.
CANADIAN EXCHANGE.
New Tori funds In Montreal. J91C0 pre
mium per 11,000; Montreal funds In New
York, S5 discount per 11,000.
SILVER MARKETS.
Bar tllrer In N.w York. Jl.l.ii. up Uc. ; in
London, 6Jld., up ?id.; Mexican dollars,
!llic, uncii.nred.
Slerlinr
Demand., Cables....
Francs
j Marks-
i Demand.,
Cables...
Normal
' rate
ot exch.
Tilth.
U.w;
S.KV,
lC.'M
. 15.27
Low.
J.914
1.9:
71.33
'.J7
l.M
1.57
Lait.
$J.liU
191
It.'.
Ill
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l.7
rT.
lose.
3.SSU
K13
1S.09
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1.60
S3
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Testerday's Cloit
Demand .
for Checks.
4.S5U Sterling H.SlVi
IS
5.1S13 Paris
1 S.S Marks
l.M
1S.44
Cables.
$3.92
ILK
l.M
15.11
Bonds (or Investment
Harris, Forbes & Co.
Dne Street, Comer William
NEW YORK
i.L13 Beltium
h ns-
Honikonr Ki
Shanxhai 1.:: l.si
19.J0 Oreece 11.10 ; U.20
I w.i iiuii.ua
,1.11 iikh.
Bombay My. ui
49.14 Japan
Yokohama 4Si 4S;
DM Philippine Idandi
Manila 491i 491i
S.1I1J Italy 2J.5: a.W
M.S9 Scandlnarla-
Stockholm Jl.Si a n
Chrlatlanla 19.
Copenharen 17.41 n.u
louth America
44.47 Rio H S5i
H.i Arjentlna (jroldi.. JS.W J.::
4Z.M Buenos Aires 4.1 b d,s
1.M Bp.ln i. 17.30 jr.ji'
1113 nwltaerland S.St c.s;
103.42 Ururuay 100U 1004
, IM. K"aia
COO ruble .I3 ).m
I 100 rubles. ... 3J0 sm
TIME BILLS ON LONDON.
' Bankers. I Commercial.
eovdaya 13.174 6J day, .......13 MU
90 'day, 2.I54 M days ,...-j.m
5194
80
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170
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6
100 Adams Express 34
900 Advance Itumely 38
300 Advance Itumely pf 67
1000 AJox Rubber 71
2400 Alaska Gold M..V 1
COO Alaska Juneau O M 3
3S00 Allis Chalmers Mfff 39
100 AVIs Chalmers Mfg pf . . 81
600 Am AgTic Chem 90
100 Am Aerl Chem pf 90
100 Am Bank Note 42
6000 A,m Beet Bugar 100(4
3000 American Bosch Magneto 114
.6000 Am Can 44(4
100 Am Can pf 95
4000 Am Car & Foundry 137
700 Am .Cotton Oil 40
6400 Am Druggist Syndicate. . 14
400 Am Express .,., 138
k 1000 Am Hide & Leather.... 20
2300 Am Hide & Leather pf.. 104
100 Am'Ico 40
200 Am Ico Df 60
21700 Am International Corp.. 96
aoo aid la France i- ire i-;ru;. ia
9400 Am Linseed Co 86
200 Am Linseed Co pf 93
18300 Am Locomotive 102
100 Am Locomotive pf 102
8100 Am Safety Razor 14
3900lAm Shin Commerce... 21
2400 Am Smelt & Ref 65.
100 Am Smelt & Ref pf 94
200 Am Smelt Sec A 80
4600 Am Steel Foundries 43
300 Am Steel Foundries pf . . 89
4100 Am 8ugar Ref....'. 182
6300 Am Sumatra Tob 89
100 Am Sumatra Tob pf 96
900 Am Tol C Tel 96
100 Am Tobacco 249
22900 Am Tobacco Sec 62
22000IAm Woolen 121.
100 Am Writing I'aper pf... 43
1000 Am Zinc, L & Smelt 17
200 Am Zinc. L & Smelt uf . . 53
7G00 Anaconda CouDer 59
200 Assets Realization 4.
1500 Associated Dry Goods... 42
2400 Atch, Top & Santa Fe... 81
500 Ateh, Top & Sunta Fe pf.l 76
200 Atlanta, Btrm & Atl 5
fiOO Atlantic! Const Line 87
100 Atlantic Refining pf 10.7
50 'Atlantic Refining pf 108
3500 Atl. Gulf & W I S 8 1163
111000 Baldwin Loeom'tlve Wks129
. 100 Baldwin Locom WUsjrf.. 100
3900 Baltimore & Ohio -. 31
500 Baltimore & Ohio pf 45
3300 Barrett Co ,130s
5300 Bethlehem Motors 27(4
600 Bothlehem Steel 89
200 Bethlehem Steel 8 D c Uf 109
29300 Bethlehem Steel B I 92
700 Booth Fisheries 1 10
200fBrooklvn Kdlson Co ! 95(4
1300 Brooklyn Rapid Transit. 15
300 Bklyn R Tran ctfs of dep 11
100 Brooklyn Union Gas 55
300 Buffalo. Roch & Pitts...,' 50
1800 Burns Bros 11814
300 Butterlck Co r 17
300 Butte Copper & Zinc T 9
2200 Butte & Superior Copper 25
1800 Caddo Cent OAR 20(4
200 California Pack Co ! 78
1400 California Petrol i 35
400 California Petrol pf ( "0
2700 Canadian Pacific 118
C500 Central Leather 8,1
100 Ceptral of New Jense.. . 191
3000 Cerro de Pasco Copper. . 50
300 Certain-teed Irod Corp. . 50
7900 Chandler Motors 147
1700 Chesapeake & Ohio 63
100 Chi & B 111 Eqult Tr ctfs 9(4
400 Chicago Gt Western.... 8
400 Chlrj.RO Gt Western pf.. 23
6300 Chicago, Ml'. & St Paul.. 35
3000 Chicago, Mil & St P pf . . 51
700 Chicago & Northwestern. 80
1300 Chicago Pneumatic Tool. 92
12500 Chicago. R I & Pacific... 32
400 Chic, R I & Pac 6 p c pf. 63
400 Chic, R I & Pac I p c pf. 72
1500 Chile Copper 17
1900 Chino Copper 34
100 Clev, C, C & St L3u!s pf . 64
2700 Coca-Cola 35(4
900Col Fuel & Iron 37
lOOlCbl Fuel & Iron pf 105
100
Colorado & Southern.
130
178
22
2
1.20
6
3
10
7
7;
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2
4300 Columbia. G & Elec. . . , . . 62
17200 Columbia Graphophone. .. 47
100 Columbia Graph pf . ..... 82
200Comp Tab Record 48
300 Consolidated Cigar 64
2100 Consolidated Gas 87
2200 Con Interstate Ca'. Min.. 16
14500 Consolidated Textile , 40
3500 Continental Can i 91
2600 Continental Candy 124
42900 Com Products Ref ; 98
1000 Corn Products. Ret pf.... 105
11100 Crucible Steel Co 240
300 Crucible Steel Co pf 97
23500 Cuba Cane Sugar . 64(4
800 Cuba Cane Sugar pf , 82
200 Delaware & Hudson 94
100 Del, Lack & Western . . . . ilSl
400 Denver & Rio Grande... . 6
4500 Denver & Rio Grande pf. 11
4Q0 Dome Mines 10
200 Duluth S S & Atl 4
600 Elk Horn Coal Corp 23
200 Elk Horn Coal Corp pf . .' 37
1800 Endicott Johnson 110
300 Endicott Johnson pf 99
3500 Erie 13
1700 Erie lBt pf 20
200 Erie 2d pf....,.. 14
400 Famous . Players-Lasky.. 78
100 Federal 'Min & Smelt pf.. 35
2500 Fisk Rubber 35.
2600 Freeport Texas , 25
900 Gaston, W & Wlgmore. . IB
1100 General Cigar Co 66
200 General Cigar Co deb pf . 86
,1800 General Electric Co 15f
1200 General Electric Co rts. . 2
12600 General Motor Corp 310
81600 General Motor Corp ctfs. 31
100 General Motor Corp deb. 73
600 Gen M Corp deb pf 7 p c 86
6700 Goodrich (B F) 67
200 Goodrich (B F) pf 93
100 Gray & Davis 32
3800 Great Northern pf 75
3200 Great Nortliera Ore ctfs. 36
600 Gulf, Mobile & North.... 12
100 Gulf. Mobile & North pf. 33
600 Gulf States Steel.. 65
1700 Hendee Manufacturing. . 43
6600 Haskel & Barker Car. ... 68
8100 Hupp Motor 20
300 Illinois Central 85
2400 Indlahoma Ref 8
4200 Inspiration Con Copper. . 53
900 Interboro Con Corp 4
1800 Interboro Con Corp pf.. . 14
300 Int Agri Corp 23
500 Int Aerl Corp pf 83
1700 Int Harvester Co new... 129
6900 Int Mer Marine 3o
6200 Irft Mer Marine, pf 92
100 Inter Motor Truck 134
600 Inter Motor Truck 1st pf . 79
300 Inter Motor Truck 2d pf. 68
10100 International Nickel .... 21
12600 International Paper 81
100 Inter Paper pf stpd 75
1500 Iron Products Corp 45
100 Jewel Tea 14
100 Jones Bros Tea f 21
100 Kansas City Southern...! 16
300 Kansas City Southern pf. 44
ISOOiCelly Springfield Tire... 115
lOOIKelscy Wheel Co No
36001 riennecou uopper tau
9000 Keystone Tire & Rubber; 35
60100 Lackawanna Steel Co... 82
1200 Leo Rubber & Tire...... 35
2200 Lehigh Valley 43
6400 Loews Inn, 1 ,.. 32
2400 Loft Ino 18
200 Looae Wiles Biscuit 62
700 Lorillard. P, Tob 1145
2460 Lorlllard, P. Tob rts 7
100 Malllson A Co, H R 41
1800 Manatl Sugar 141
100 Manatl Sugar pf 85
luuiaiannauan ii.iuv gur. ... in it
' 200 Manhattan Shirt ., 28
100 Martin-Parry Corp 26
900Martln-Parry Corp rts.. 1
1000 Mays Dopt stores 133
22400 Mexican Petroleum 186
400 Miami Copper 22
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108
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30
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22
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109
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10
95)
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11
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50
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16
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32
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117
78
191
48
48
139
50
9
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50
80
87
30
63
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12
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104
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1S1
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10
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99
12
19
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35
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2
27
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1918.
. 391,115
39,107,705
- I Ntt
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103
40
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HSU
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BONDS IN NEW YORK STOCK EXCHANGE
Stocki Collapse,
A bewildering, mysterious and alto
gether weird attempt Uy thousands of
stockholders of every description to sell
their holdings yesterday turned the mar
ket Into a slaughter house for socurlty
values, and brought as violent a decline
has occurred this year. Following
on the heels of Monday's and Tuesday s
sharn dron DrlceB at the closo hov
ered around where they were at tha end
of late February, when the bottom fell
out of the market. The myaterlous part
of yesttrday's session was the absence
of a reason or an excuse for tho pressure.
That considerable of It wag bear opera
tions, of courser Is certain, nut inai
much of It, particularly the forced sell
ing In the, final hour, was real liquida
tion there appears to be no doubt. From
2 to 3 o'clock stocks wero thrown over
without any regard to valuos, and frac
tions were entirely disregarded, In
many cases there were smashes
of three to five points between
Bales. General Motors appeared to bear
tho brunt o'f tho attack and showed no
resistance whatever, closing tho day at
275, n drop ot 42 points In contrast to
Its recent high of 410, Baldwin was
another stock in which liquidation vns
very heavy, and ended the day 14
points down. Crucible, Stromberg, Pierce
Arrow, Punta Alegre Sugar, American
Wool and other speculative leaders de
clined 5 to 10 points. One significant
fnrt nns notntcd out after the close.
Thero was no rally whatover after tho.
iieavv decline atnrted. Every succceu-
ing quotation appeared to .bo a lower
onb, and closing prices wcro uuuui mo
day s lowest.
Wild Trndlntr. ,
and excited was final hour
trading, In which the turn over was
more than 700,000 BhareB, that although
HiR m.Trkct closed at 3 o'clock the final
Inn wna not recorded on the
tickers until 3:22 o'clock, to far behind
Tf.ro tlm niTlcl.il reporters of sales. The
record was established on November 12
1915, wnen mo last n,uuiuuuu
corded nt 3.41. Yesterday's sales ex
iht. nnn.noo share mark, the
heaviest day's trading of the year.
The JInrket'a Mystery.
A large majority of people In Wall
Street believe that there Is some mys
terious development back of tho mar
ket' collapse of which the public knows
nothing. It la surprising Just how far
that view extends. It was encountered
.-n.tarrintr In rnmtnlssloil houses. In
banks, on the floor of the Stock Ex
change. In fact wherever Wall Street
folk congregated. The Street In general
is so llnbbergnsted by the sudden turn
of nffalra that it has not oven had the
enthusiasm to guess what the mysteri
ous development may be.
Wedneoday, April 21, 1920.
1920.
1919.
812,374,000
1,02S,780,000
Day's sales lAll'm
Yenr In ilato 1,101,800,000
, RANGE OF LIBERTY BONDS.
Closing. Sales fin ... I
Bid. Asked. Tleld. 11,000s). . imx Open. Hi Cli.
nioA no in ion nm ). f10.39.47 93.31 93.40
41 1st CV. 48 (13Z"MJ' ?'
1K1 M An M927-42 85,90 85.90
So Wild
86,60
85.00
87.00
84.90
97.00
90,60
85.06
96.16
96.18
87.60
85.10
88.00
85,00
09.00
90.70
85.10
90.20
96.20
4.87
5.12
6.06
6.39
Low.
93.20
87.00
85.00
1918.
$6,166,000
407,618,000
Net
Last. Chgs.
93.30
87.00 2.80
85.00 1.10
5.70
5.47
6.14
6.02
51 5 . "?I-?2iiV'AV ZTn ZXi'X m'm ,87 40 -.30
6,074 2d rsliaSUO 5 8M0 85.10 - .22
K.311 4th 4fl (1933-38).... 86.30
2,488 Vic. 48 (1822-23)... 96.20
403 Vic. 3s (1922-23)... 96.20
86.30
96.20
96.20
85.06
96.10
96.10
85.10
36.20
96.20
United State
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Continued on folio tdna Pate.
Onnkera 'ot Alarmed.
Bankers In close touch with the finan
cial situation fee! no alarm about pres
ent conditions, despite the vague whis
perings which dally are going the
rounds not only of Wall Street but of
the entire country. "There ts noimng
In the present situation to cause alarm,"
one of them declared yeaterday. Inci
dentally the money situation has Im
proved considerably at this centro and
It would not surprise the banking com
munity If money loaned at u per cem.
to-day. .Bank borrowings from the
Federal Reserve Bank have been tre
mendously reduced of lato. It was said
yesterday In one quarter that the bor
rowings were at the lowest point In the
last four months. Bankers and the
rest of tho Wall Street community were
rather at a loss to explain tho crash In
prices yesterday. The suggestion that
Japan's gold holdings in this country
would be called homo because of the
financial crisis in Japan Is not receiv
ing serious consideration by banking
authorities.
Country SeUlttB.
Although the downward trend was
started by the professional bear party
and they kept tho ball rolling all day
yesterday, as on the two previous days,
with the result that the downward swing
has developed a considerable momen
tum, there has been an. extraordinarily
large amount of country selling. Houses
with wires to the middle West and the
South were literally Hooded with selling
orders, particularly In the final hour of
tho day. Stop loss after stdV loss was
reached as the decline was accelerated,
by the forced liquidation, most of which
was at the market. In .some quarters
the sharp decline was attributed to the
Federal Reserve Bank of Kansas City's
Increase In rates nbovo a basic line for
all borrowers who were overextended,
WHICH IS aiu lu ' rWfA
the middle West, and the most liquid-
Its holdings, listed stocks, have gone
Into the market first. It was declared
last night that several blocks ot stocWs
purchased last summer by Investors In
the -middle West and tho South came
back to Wall Street yesterday.
Denial of Daldvfln Humor,
Unqualified, denial that warning of Us
methods of handling Baldwin Locomo
tive Company stock had been given
members of the pool In that stock was
made yesterday by members of the busi
ness conduct committee of the Now York
Stock Exchange. Members o'f the com
mittee said that no complaints had been
received about Baldwin and that no oc
casion had been given the committee to
consider the trading In that stock.
Dm (I nadaJHl
1931
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1931
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Bullish factors Overlooked."
In the hurry to sell stocks' the market
paid no attention to two .very bullish
factors which on ordinary dais would
be seized quickly as market factors of
prime Importance. One or them was the
news that the outlaw railroad strike had
been called off In the East. Tho other
was the remarkable export figures for
March, which established the second
largest total on record. The value of ex
ports for that month was 3820,000,000,
which ranks second for any month to a
total of $923,000,000 In dune, 1919.
February exports of the current year
wero J646.000.000, and In March a year
ago 1603,000.000.
New' Shell Transport Issue.
Tho strength of Shell Transport, in
which It established an advance through
85 while the balance of the. market was
rapidly melting away was explained
after he c!oselast .night In the an
nouncement that the corporation would
Issue new stock. The following "cable
was received yesterday from the corpo
ration by Kuhn, Loeb & Co.: "Tho
Shell Transport and Trading Company
announces that In consequence of the
capital expenditure Incurred by reason
of a large increase In the fleet and other
considerable extensions It Is proposed to
Issue new ordinary shares at par to the
shareholders of the company In July In
proportion of one new share for every
two held."
All Commodities Lotrer.
The break In prices was not confined
to stocks and bonds, but to practically
every commodity. Some of the liquida
tion, of course, could be traced to pro
fessional Wall Street traders who were
carrying loads of commodities and
stocks and were forced to dump, one to
protect the other. But In the 'main tho
trend was downward because of forced
sales, the apparent anxiety of holders to
get what they could for their products
and get out ot tho market. Cotton
dropped 161 points, corn 8 cents a
bushel; pork was off 31 a barrel, lard
more than cent down a pound, coffee
12 to 14 points down and sugar from 25
points down to 15 points higher on
some attractive grades.
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South Rygmts
6 66
S 5313
ThirdAr ref 4s
I&I3 46
TblrdAv adj ts
3 28la
OnPac 10-yr ts
i 0713
1 078
DnlonPadflc 4a
2 70
3 7878
3 70
UnlonPccv4s
4 821a
On RR 8F fdg
Kq Trust ctfs
0 2534
United ItylnTls
2 68
L'SKealtyAI Is
il-;!!;;;1o.
U S Rubber 7.
2 101
0 8 Kubbef Ss
fl 81
1 8U3
7.. .....81
2.' 81lff
1 81
D H Smelting ts
2 100
U a Steel sf.ts
One of the Longest
Dividend Records
of any corporation In tho
United States hns been es
tablished by
The Cincinnati Gas and
Electric Company
Dividends have been paid
continuously for over sixty
six years.
We recommend this Com-
Sany's 6 "Secured Gold
otes Duo December l,
1922.
Largo earning!, amplo se
curity. Price to yield 7
As for Circular No. BX-W
A.B.Leach& Co.,Inc
Investment Securities
62 Cedar Street, New York
Chicago Boston Buffalo Cleveland
Philadelphia Minneapolis IlaUinnrn
5.,
4...
1...
8...
10...
6...
0. .
o-I'
. .0314 I
..03
. .0234 1
..03 1
..9234
.03
..S30...0214
3 93
S 0278
1 0234
Utah Power ts
1 70
If. fU Asa !
V VOIU Vis va
1 OS
Virginian Ryis
6 731a
0 75
Va Ry A P Ss
1 70
Wabash 1st
1 851s
WesternElec Ss
2 053a
13 9314
West Md4s
2 61
1 50
1 SOU
WestPacWe 1st
2 81
West Shore 4s
3..
1..
1..
8..
6..
1.
...68
...6334
...633s
...65U
...66
.6513
West Union ts
1 7978
WestCnlon4Ks
1 78
YIIra'i'Co ct
1 8S7g
1...3...8!)
1 89
BID AND ASKED QUOTATIONS.
UNITED STATES GOVERNMENT BONDS.
N. Y. STOCK EXCHANGE QUOTATION
Bid. Ask.
..101 103
..101
.....100
106
101
101
101
101
80
Is, rcjistered
ftjoupon
i4T reiistered
4,, coupon
Ss. Panama. 1930, registered...
2s, Panama, 193S. coupon
as Panama, IMS, reristered...
2, Panama, 1938, coupon
n. Panfirn.. registered
3d! Panama, coupon..' SO
Phil. Isl. land purcnase is, .
Phil. Isl. public works 4s, ISO-'. ;
Mill. Isl. DubUc works 4s. 19.16 e
District of Columbia 3-CJs
FOREIGN BONDS.
Anrlo-Frenoh Extern. 5s. 1K0 ,
Ara-entlne Intern. 5. 1943
Canada, Dominion of. notes. 1921. .,
Canada, Dominion of, 6e. 1321
Canada. Dominion of, 1926
Canada, Dominion of, 1929...:
Canada, Dominion of, 1931
Chinese Gov., llu Km Ry. i, 11..
Cuba Extern. 5i,'lMt
Cuba Extern. 6s, series A, 1919
Cuba Extern. 4Ws. 1949
Dominican Rep. ts, 1958
City of Lyons 15 yr. 6s, 1934.,
City of Marseilles 15 yr. Cs. 1934
City of Bordeaux 15 yr. 6s. 1911
City of Copenhagen 25 yr. Ofts. 1944.
l-nl, Tnrl. Cilv f.i. 1921
inn.na rtmr. 4its. sterl. loan. 1925. Wi
-Unarm Gor'4'48. Id series, 1925.. 75H
Japanese Gov. 4,, sterl. Ipan. 1931.
Japanese, Toklo City ts,M3:i
U. K. ti. It, l. a jr. ..
U. K, O. B. A 1. 3 yr. SHs. 13- ..
U. K. G. 11. A I. 10 yr. 69, 1929..
. it f. 1 n vr RU 1S.T7. .
Mexico Extern, sterl. ts ot W.191J. 33
Mexico Extern, gold 4a ot -04, 1954. IS
102
107
107
1C2
102
102
103
sr.
M
95
95
95
M
70
7.
Wi
9t
91
4SH
SOTa
73 .
S2
Si
S9
89
76
60',i
57
93H
90H
KM
71?.
7H
n
91i
iZH
91V4
44U
S1U
SI
T3H
83
J9H
S9H
77
76
75'.4
61
M
&ti
S8i
90
87
34
5S?i
there
rin.in- nricea ot stocks In Which
were no transactions yeaterday:
Bid. Ask. I Bid. Ask.
Alb A 8usq .. 1C0
All A Cable. 108',i 111
A nk N Df. 44 ' 4
Am Bt 8 pf 82 l
Am BSAF.. 85 SJ
do pf.....J20 SM
Am'O V pf.llOH 113
Amer Coal. t2
AOotOpf. Si M
Am MAG, 36 45
Am Smi...10 105
do pf SO (VA
Am 8 R pt.lll lit
Am Tel A C 49 H
A Tob pf n 9H4 05
A Wool pf.lOOV. 101
Ann Arbor. 10'A 13
do pf It I
ADryAlpf6S 6S
do 2d pf.. 66 "0
Aseocia Oil.100 114
AG AW I Df. 664 68
Atl Rnninr.l2!r0 litO
Auto Sal C.
do pi
Harnett L.. 60
do pi...., 83
Barnsdall... 41
Bsrrett pf..lU
BatoplhM... 1
11H
7'J
95
110
IK
Beth Nil Df 5
B R T ctfs. lVi
Brown Shoo '..
do pf..... or.tf
Brunswick.. 6 '
B U A P pf 75
Buff A Susu, ..
do nf..v. ..
Burnl B pf.100
Bush Term. ..
Gal A Atit. CO
Can South. 41
Case J I.... 94
n Leath pf.103
Cent Fdry.. 18
do pf 36
Cert O lpt.. 82V1
Chi A Alt... 7
dot pf 13S
ChiAEl pf.. 8
C N W pf.'..113li
CM Pneu T. 87
CStPMAO.. fil
do pf 90
OCCAStU.. 45
ClcroAntts ..
a Peabody M
do pt 99
Col A S lpt 48
do 2d PL. 40
100
m
93
.14
69
48
106
85
61
M
96
304
20
56
13
9
117
SOU
K
:o
4S
80
91
10054
61
CO
Bid. Ask.
Con Clff pf. 8154 83
(.on Can pf.ioo
Con Insur. . 73
Crex Carpet 0)
Cub A Sur.500
do pf 102
Deere pf.... w;
Det Edison.100
Det A Mck. ..
Del United. .
Dlam'nd M.Ul
DS84A pf. . 7
Durham H. KJ?i
do pf 97
El Stor..110
Kmer Braiu 1154
do pf W5;
ErieAPitts. 15
r'ml'Laspf ..
Fairbanks. 65
do pf.... 95
Fed M A 8. 1014
isner UDdy.123
103
78
64
6(1)
111
141
106
K
1U0
1
10
67
103
125
ev,
M
83
85
do pf ,
It
127
985i 103
Gen Chem..l
do pf 94
Gen Or pf. 96
Granby M.. 4.1
Greene Cop. 33
(.WIN mi pi 9QH
Hartmami.. 88,4
Hom Min. t9l
Int Har pf.K
Int M Tck..i:
Int Nick pt 80
Int Pap pf. M
Int Salt 6754
Iowa Cent.. 5
Jewel T pf. 33
Kan C S pf 41
Keyser J. ... ttt
Kel W O pt'93
Kelly 8pr...Ul
Kel Spi S..UO
Keo ADM 3
do pf 10
Kress Ob.... 80
do pf.... 103
Kreaie S 8.135
do pf 102
Laclede Gas 35
Lake EAW. 8i
do pf 15
Lire A M..10O
do pf 102
L-W lat pf 93
do Id pf. .Ill
LorU'rd pf.104
Mackay 61
do pf 62
Malllson pf. 80
Man Beach. 54
Mar Rock.. 66
Math Alk.. 27
Max Motor. 32U
do 1st pf. S6
do 2d pf.. ..
May DS pf.103
Mex Pet pf 94
Mich Cent. 81
M8PSSM... 70
do pf...... 91
MSPMLL.. Bt
MonPow pf 'f,
Hot A Ess.. ..
MulllnaB pt ti
Nash A C..105
Nat EAS pf 94
Nat IA pf.104
NRyMlPf
Nlar VP pf ..
ICO
W54
100
41
34
97
90
61
112
13G.
82
109
70
6
34
44
105
97
112
104
6
30
100
105
1.
108
40
12
19
169
106
9654
127
111
74
64
87
154
63
.11
3454
68
M
IM
97
72
W
35
9
7054
113
99
108
It
104
Ask.
Bid.
NYCiSLlpf CO
do Id pf.. 41
NYLackAW (.-,
NVDoek pf 45
Nor Oh Ry 60
Norf A 8... 20
NorfAW pf 66
North Am.. 49
Ohio Fuel.. 41
Oil Elev...l35
do pf
Otis Stl pf. ..
Owens B pf .
Pae Coast.. 25
do 1st pf. (Vi
do 2d pf.. 43
Pac Mall... 32
Pac T A T 40
Pan Am if.:.3
Peoria A K. 9
FereMar pf 47
do pf 6.1
Pettibone.. SI
do pf 9i
Phil! Jones (,!
do.pf
PterAA pf 39
PFWicbl....lH)
PlttsCoal pf 85
Pilts Stl pf S3
PAWVaDf. 73
RyStl8 pL.lcO
Rys Sec 50
Read 1st pf 3m
do 2d pi, . J4U
Reds Co lpf, 82
Rem T lpf, J
do 2d pf.. 93
Rep 143 pf 9754
Rens A 8ar.l02
St L S W.. 1354
do pf 23
Scars R pf.ioo
Sloss-S pf.. 89
S Porto 8ug-.H0
au pi.. ...108
Stand M1U..13S
do pr 80
StudebDf... 90
auD stl DMOIU
Tex! PacLT.SCO SK)
xniru Ave. it
Tide W Oll.ac
T St h A W 9
do pf 15
do ctfs.,.. in
do pf c... IS"
Twin aty.. 30
do pf
u as st...is
do pf 100
V Drur lpf 49H
do Id pf.,125
Un Dye V.. 66
do pf w
Un Type pf.ioo
US Rub pf.110
Va Ry row ..
Vul Detin.. 24
do pt S3
Wab pf II.. 15
W Mar pf.. 18
West Pac pf C25S
.West'uso pt 63
West AlrD.112
Wilson pf... 93
Wis Cent... 27
Wool'tk pf.107
Wthnn pfA 84
do pf B.. 6754
Ex divider.!.
69
cn
.62
IM
95
101 ,
101
40
100
M
i.1
42
K.'
11
48
6J
fO
115
61
so
300
rx
83
91
77
10954
CI
56
2554
83
(6
96
9S
109
16
sr.
118T4
l
297
115
153
16
220
15
10
15
20
35
K
175
111
60
60
117
11054
- 13
91
17
1
64
70
111' 4
98
S)
111
94
70
Prices of '
Foreign Government
Internal Loans
Only American and Ar
gentina investors are able to
buy bonds of European
nations at extremely low
prices. The prices quoted
arc due, not to the markets
abroad, but to exchange
rates. The buyers of French
internal loans may receive
profits running as high as
200.
Circular F-72 on Request
Chandler &Gompaky
35 Pino Street, New York
Philadelphia Boston
New Haven Baltimore
The Strike Spirijt
The Importance
of Organization
A Tax on Sales
in France
Discussed in this week's issue of
THE BACHE REVIEW
The REVIEW Is Issued ueekfy and
Copies may he had upon request.
J.S.Bache&o.
ESTABLISHED 1892
Membe'ri Xew Yurk Stock Exchange
42 Broadway New York
Branches and Correspondents
throughout the United States.
UNLISTED
SECUIPES
TOBEY&KIRK
Mtmbert New York Stock Exchange
25 Broad Street
New York
SAYS JAPS OVEESPECULATED.
Bonks and leading banking houses In
closo touch tlth affairs In Japan were
yesterday without additional advices
concerning: financial nna commercial
conditions In that coutry, which re
sulted recently In closing tha principal
stock exchanges for three days.
Representatives of Important Japanese
Interests were almost unanimous In de
claring that reports of serious economic
unsettiement In that country were ex
agerated. According to ono prominent
financial authority, much of the recent
disturbance InL Japan resulted primarily
from overspeculatlon In commodities,
especially finished silks, which had been
the largest Item of exports to tho United
States for several years.
Heavy loans Issued against those ex
ports have been called within tho last
six months, evidently causing consid
erable embarrassment to Japanese
manufacturers and exporters. Bankers
hero have known of the general reaction
under way In Japan for a long time, re
ceiving their Information principally
from London, Tho depression has been
ascribed to a combination ot specula
tion Inflation and political unrest grow
ing .out ot the war.
Miller, &6o.
(NovYrrk Slock Exchange.;
Securities Bought for In
vestment or Carried 1
on Conservative
Margin
Branch. Offices
212 FIFTH AYENUB;
SVCOH..!C-STMlT
.LQN(?ACRE BUILDING'V
(M r.X0R.42n4ST.-BROAOAn
, NEWYORK..
iGraham, Parsons X Co.
INVESTMENT SECURITIES
435ChetnutSL 115 Broidwij
PKJidelphis New York
Rector 0113-S

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The Sun and the New York herald. [volume], April 22, 1920, Page 12, Image 12
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920